May Crypto Market Review: 11 Charts Analyzing Market Changes

In May, most indicators in the crypto market showed a downward trend. This article will provide an in-depth analysis of the dynamics of the crypto market over the past month through 11 charts.

1. On-chain transaction total amount decreased In May, the adjusted on-chain total transaction volume of Bitcoin and Ethereum fell by 4.4%, reaching $390 billion. Among them, the adjusted on-chain transaction volume of Bitcoin decreased by 4.7%, while the on-chain transaction volume of Ethereum dropped by 3.9%.

2. Stablecoin market changes In May, the adjusted on-chain trading volume of stablecoins decreased by 20.5% to $879 billion. The supply of issued stablecoins slightly increased by 0.5% to $141.9 billion. The market share of USDT rose to 78.8%, while the market share of USDC slightly decreased to 17.1%.

3. Miner Income and Staking Rewards Bitcoin miners' income fell sharply by 46% in May, dropping to $963 million. In contrast, Ethereum staking income increased by 4.1%, reaching $267 million.

4. Ethereum Token Burn Situation In May, the Ethereum network burned a total of 26,747 ETH, worth approximately $91.7 million. Since the implementation of EIP-1559 in early August 2021, Ethereum has cumulatively burned around 4.3 million ETH, totaling approximately $12.1 billion.

5. NFT market transactions decline In May, the transaction volume of the Ethereum on-chain NFT market fell sharply again by 27.8%, reaching approximately $344 million.

6. The trading volume of centralized exchanges has decreased. The spot trading volume of compliant centralized exchanges (CEX) fell by 22.5% in May, dropping to $689 billion.

7. Changes in Exchange Market Share The ranking of the spot market shares of major crypto exchanges in May is as follows: a large trading platform 79.4% (an increase compared to April), a US trading platform 10.1%, a European trading platform 3.4%, and a digital asset trading platform 1.8%.

8. Futures Market Performance The open interest of Bitcoin futures increased by 12.9%. Benefiting from the approval of spot Ethereum ETFs by U.S. regulators, the open interest of Ethereum futures surged by 52%, reaching an all-time high. In terms of trading volume, the trading volume of Bitcoin futures fell by 21% to $1.26 trillion, while the trading volume of Ethereum futures rose slightly by 0.2%.

9. Bitcoin futures trading data In May, the open interest of Bitcoin futures on a certain commodity exchange increased by 15.9%, reaching 10.3 billion USD. The daily trading volume decreased by 9%, approximately 4.35 billion USD.

10. Ethereum futures trading volume In May, the average monthly trading volume of Ethereum futures slightly increased by 0.2%, reaching 69.2 billion USD.

11. Crypto Market Options In May, the open interest of Bitcoin options rebounded by 30.5%, while the open interest of Ethereum options increased by 41.4%. In terms of trading volume, the trading volume of Bitcoin options reached $46.8 billion, a slight decrease of 1.2%; the trading volume of Ethereum options reached $31.4 billion, an increase of 19.2%, setting a new historical high.

Overall, the crypto market presented a complex pattern in May. Although some indicators showed a decline, Ethereum-related data performed impressively, especially after the approval of spot ETFs, with multiple indicators reaching historical highs. The market changes this month reflect the ongoing evolution of the encryption industry and the impact of the regulatory environment.